Oct 02

Home Builders give Hopeful Buyers Financial Therapy

Home Builders give Hopeful Buyers Financial Therapy.

Home Builders give Hopeful Buyers Financial Therapy

Home Builders give Hopeful Buyers Financial Therapy

Home builders are conducting financial boot camps to help buyers qualify for home mortgages.

Home builders such as D.R. Horton Inc., Lennar, and PulteGroup Inc. are offering financial programs about repairing credit scores, creating budgets, and applying for loans to hopeful home buyers who are struggling to qualify for loans nowadays.

“These fiscal rehabs are one reason many Home builders are boosting sales, even though mortgage lending is tight,” Reuters reports.

For example, Home builders like D.R. Horton and Lennar have employed financial advisers that are helping potential home buyers with repairing their credit and developing strategies to help raise their credit scores. The buyers who go through the “financial bootcamps” are then typically able to get a mortgage from the builders’ in-house lending connections.

Some are leery about the financial bootcamps, however. Critics say that builders are helping buyers obtain government-backed loans that require no or low down payments.

“You have people applying for loans that there’s no way they can pay, but it doesn’t matter because the ability to repay isn’t the basis of the loan. It’s the ability to pass underwriting so the loan can be sold,” Brett Weiss, a bankruptcy attorney in Washington, D.C., told Reuters.

However, Home builders argue that the home buyers who go through their financial programs must still meet stringent underwriting standards for the government loans, and they insist that they are not putting people in homes they cannot afford. The builders say that buyers with enough cash and income actually are able to lower their monthly housing costs by buying a home than renting, since mortgage rates are so low and housing affordability so high.

Source: “Homebuilders Put Buyers into Credit Bootcamp,” Reuters (Sept. 28, 2012)

admin

For all of your Real Estate needs, place yourself in the competent hands of a career Realtor who is a Philadelphia native and Delaware County resident. Skilled, smart and enthusiastic about his work and his life, Anthony DiDonato has the appealing combination of business sense and people skills gives him an edge in an industry that demands both.

Educated at Drexel University with a dual major in accounting and finance and minors in management and psychology Anthony DiDonato offers over 25 years of experience in the real estate industry. He has been a real estate investor since 1985 and a member of H.A.P.C.O. (Landlord Association). He became a licensed Realtor in 1992 and a member of the Local, Pennsylvania and National Associations of Realtors. Anthony DiDonato is also a member of the Computerized Multiple Listings, (MLS) and Internet Marketing Programs. In 1997 Anthony DiDonato became Century 21 All-Elite, Inc. Corporate Secretary.

Anthony DiDonato believes in taking his profession to the highest level of quality service. He is known for finding that “perfect” property in Philadelphia, Delaware County, Chester County, Montgomery County and surrounding areas in Pennsylvania for his buyers and helping his sellers prepare their properties so they sell quickly and efficiently.

When it comes time to negotiate the terms of a contract, Anthony DiDonato has the knowledge, experience, and professionalism applied to meeting – or exceeding – his clients’ expectations. His service to his clients is second to none. His honesty and integrity have been his claim to fame.

For Superior Real Estate Representation in the Delaware Valley, Philadelphia, Delaware County, Chester County, Montgomery County and surrounding areas in Pennsylvania… call Anthony DiDonato.